Meta shares lose ground after settling $8 bln shareholder lawsuit
Meta Platforms' META.O shares are down 0.4% at $699.80 after CEO Mark Zuckerberg and current and former directors agreed to settle a shareholder lawsuit
META shares lost ground after trading slightly higher in early trading. They are on track for the third straight session of losses
The parties did not disclose details of the settlement and defense lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery
The shareholders had sued Zuckerberg, Marc Andreessen and other former company officials including former Chief Operating Officer Sheryl Sandberg in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. They had sought $8 billion
The Federal Trade Commission fined Facebook $5 billion in 2019
META is up 19.7% YTD vs NASDAQ Composite Index's .IXIC 7.9% increase
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